HK Builder Lai Sun Seeks More Bank Support for Loan Refinancing

Hong Kong developer Lai Sun Development Co. has been working to win banks’ backing for a HK$3.5 billion ($446 million) loan refinancing deal, but after about six months of talks, nearly half the lenders still aren’t on board, according to people familiar with the matter.

The property firm — controlled by local tycoon Peter Lam — has secured commitments from nine out of the original 19 lenders for the five-year refinancing, said the people, who declined to be identified discussing private matters. The existing loan matures on Oct. 5, according to Bloomberg-compiled data, adding urgency to Lai Sun’s efforts.